Hi,
Is there a way to transfer Pension Fund from previous employer to the current employer? In all my previous PF transfers, i've received only
the PF amount. I am not sure where do they keep that pension amount. Any help on the following points will greatly appreciated.
i) Can we really transfer the Pension fund from one account to another?
ii) In case if the PF account was settled long back, are we still eligible to withdraw/transfer our pension fund associated with that PF account?
iii) Can somebody please help me with process of withdrawal/transfer Pension fund( like different forms)
Thanks in advance!!!
Regards,
Divesh
From India, Noida
2Is there a way to transfer Pension Fund from previous employer to the current employer? In all my previous PF transfers, i've received only
the PF amount. I am not sure where do they keep that pension amount. Any help on the following points will greatly appreciated.
i) Can we really transfer the Pension fund from one account to another?
ii) In case if the PF account was settled long back, are we still eligible to withdraw/transfer our pension fund associated with that PF account?
iii) Can somebody please help me with process of withdrawal/transfer Pension fund( like different forms)
Thanks in advance!!!
Regards,
Divesh
From India, Noida
Hello Divesh,
You have not mentioned period of your service in the organisation. If your service was more than 10 years in the organisation, the pension fund is retained by the EPFO. In liue of that retained fund, the EPFO issued a pension certificate to the member, which is submitted when the member is eligible for pension.
If u opted to transfer the EPF from previous employer to current employer the pension fund is also transferred.
In some cases the pension fund also retain, if u willing to accept Scheme Certificates in lieu of Withdrawal Benefits (S. No. 8, Form 10-C).
U can ask ur organisation to give u the acknowledgement of PF form submitted and accordingly u can approach to PF authorities for ur querries. The various pf forms are available of EPFO website.
All above is based on my experience with PF Office.
Hello seniors and experienced members, pls upgrade the issue if i m wrong.
rgds,
The
From India, Delhi
You have not mentioned period of your service in the organisation. If your service was more than 10 years in the organisation, the pension fund is retained by the EPFO. In liue of that retained fund, the EPFO issued a pension certificate to the member, which is submitted when the member is eligible for pension.
If u opted to transfer the EPF from previous employer to current employer the pension fund is also transferred.
In some cases the pension fund also retain, if u willing to accept Scheme Certificates in lieu of Withdrawal Benefits (S. No. 8, Form 10-C).
U can ask ur organisation to give u the acknowledgement of PF form submitted and accordingly u can approach to PF authorities for ur querries. The various pf forms are available of EPFO website.
All above is based on my experience with PF Office.
Hello seniors and experienced members, pls upgrade the issue if i m wrong.
rgds,
The
From India, Delhi
Yes u can approach to PF authorities, first ask ur organisation to provide u the acknowledgement vide which ur PF form was submitted to PF office. If d PF office in some other state, u can send ur querry thru POST, better to send thru Registered POST.
Draft a letter and attach the acknowledgement copy.
If u can personally visit the PF office, pls go personally. In every PF office, there is a PRO who entertains public grievences and put to the right concerned person (who is taking care of ur organisation's EPF settlements.)
rgds,
From India, Delhi
Draft a letter and attach the acknowledgement copy.
If u can personally visit the PF office, pls go personally. In every PF office, there is a PRO who entertains public grievences and put to the right concerned person (who is taking care of ur organisation's EPF settlements.)
rgds,
From India, Delhi
Under the Employees Pension Scheme [EPS], a member is eligible to get pension only when he completes atleast 10 years of eligible service [Para 12 of EPS]. Another condition is that a member can get pension only after attaining the age of 58 years.
Therefore, the question arises what will happen to his contributions to the EPS if he leaves a job without completing 10 years [that is without contributing to the EPS for atleast 10 years]?
This is answered in Para 14 of EPS: If a member has not rendered the eligible service on the date of exit, or on attaining 58 years of age whichever is earlier, he/she shall be entitled to a withdrawal benefit as laid down in Table 'D' or may opt to receive the scheme certificate provided on the date he/she has not attained the 58 years of age.
The withdrawal benefit amount mentioned in Table D will not be the actual contribution made by the member to the fund. It will be much less. Therefore, it is better to opt for the Scheme Certificate. As and when a member quits one job after another, he can go on collecting the Scheme Certificates, which will mention the pensionable service rendered by him. It all can be added finally to get pension.
Therefore, there is actually no transfer of pension fund/account similar to EPF. It is only a certificate you get, in lieu, because the fund is centrally managed for better returns.
There is also no separate account number for the pension account. The EPF number holds good for EPS also. [Para 23 of EPS].
This is the rule position. As far as your case is concerned, if you have not got your scheme certificate so far, please apply for the same through the employer through whom you made contribution to the EPS for the period concerned.
From India, Madras
Therefore, the question arises what will happen to his contributions to the EPS if he leaves a job without completing 10 years [that is without contributing to the EPS for atleast 10 years]?
This is answered in Para 14 of EPS: If a member has not rendered the eligible service on the date of exit, or on attaining 58 years of age whichever is earlier, he/she shall be entitled to a withdrawal benefit as laid down in Table 'D' or may opt to receive the scheme certificate provided on the date he/she has not attained the 58 years of age.
The withdrawal benefit amount mentioned in Table D will not be the actual contribution made by the member to the fund. It will be much less. Therefore, it is better to opt for the Scheme Certificate. As and when a member quits one job after another, he can go on collecting the Scheme Certificates, which will mention the pensionable service rendered by him. It all can be added finally to get pension.
Therefore, there is actually no transfer of pension fund/account similar to EPF. It is only a certificate you get, in lieu, because the fund is centrally managed for better returns.
There is also no separate account number for the pension account. The EPF number holds good for EPS also. [Para 23 of EPS].
This is the rule position. As far as your case is concerned, if you have not got your scheme certificate so far, please apply for the same through the employer through whom you made contribution to the EPS for the period concerned.
From India, Madras
Dear Divesh,
Plz. note that, the a/c number of a member for EPF & EPS is always same.
If you want to transfer your Pension Fund to any new a/c, then plz. note that only pension fund will not transferred, the EPF Fund will also got transfer with it. But, if you want to withdraw your EPF Fund and want to transfer EPS Fund, then it is not possible. As once the a/c will settled, it will settled completely. So, you can withdraw the EPF Fund and can claim for EPS Certificate.
As your service is of only 3 years, you can fill Form 10C & 19 for the withdrawal. If you want to take scheme certificate, then you can opt for the same in Form- 10C.
For checking the Pension Fund, you can check your EPF Member Passbook. It also contain Pension Fund Details in the last column.
Hope this information will be helpful to you.
From India, Delhi
Plz. note that, the a/c number of a member for EPF & EPS is always same.
If you want to transfer your Pension Fund to any new a/c, then plz. note that only pension fund will not transferred, the EPF Fund will also got transfer with it. But, if you want to withdraw your EPF Fund and want to transfer EPS Fund, then it is not possible. As once the a/c will settled, it will settled completely. So, you can withdraw the EPF Fund and can claim for EPS Certificate.
As your service is of only 3 years, you can fill Form 10C & 19 for the withdrawal. If you want to take scheme certificate, then you can opt for the same in Form- 10C.
For checking the Pension Fund, you can check your EPF Member Passbook. It also contain Pension Fund Details in the last column.
Hope this information will be helpful to you.
From India, Delhi
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
PF Online Transfer.pdf
Steps to transfer PF amount.jpg